Tanger Factory Outlet Centers Inc. (NYSE:SKT) – Stock analysts at KeyCorp cut their FY2017 earnings per share (EPS) estimates for Tanger Factory Outlet Centers in a report released on Thursday. KeyCorp analyst T. Thomas now expects that the real estate investment trust will post earnings of $2.41 per share for the year, down from their prior forecast of $2.45. KeyCorp also issued estimates for Tanger Factory Outlet Centers’ FY2018 earnings at $2.56 EPS.
Several other brokerages also recently issued reports on SKT. Zacks Investment Research downgraded Tanger Factory Outlet Centers from a “hold” rating to a “sell” rating in a research report on Friday, January 27th. Jefferies Group LLC lowered their price target on Tanger Factory Outlet Centers from $42.00 to $41.00 and set a “buy” rating on the stock in a research report on Friday, January 27th. Finally, Evercore ISI raised Tanger Factory Outlet Centers from a “hold” rating to an “outperform” rating in a research report on Friday, March 3rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $40.60.
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Shares of Tanger Factory Outlet Centers (NYSE:SKT) traded up 1.82% on Monday, reaching $27.91. The company had a trading volume of 327,609 shares. The firm has a market capitalization of $2.66 billion, a PE ratio of 14.25 and a beta of 0.41. Tanger Factory Outlet Centers has a 52-week low of $27.36 and a 52-week high of $42.20. The company has a 50-day moving average price of $32.03 and a 200-day moving average price of $33.82.
Tanger Factory Outlet Centers (NYSE:SKT) last issued its quarterly earnings results on Monday, May 1st. The real estate investment trust reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by $0.35. The business had revenue of $121.37 million during the quarter, compared to analysts’ expectations of $122.59 million. Tanger Factory Outlet Centers had a net margin of 60.55% and a return on equity of 42.50%. The company’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.56 EPS.
The company also recently announced a quarterly dividend, which will be paid on Monday, May 15th. Investors of record on Friday, April 28th will be given a dividend of $0.3425 per share. The ex-dividend date is Wednesday, April 26th. This is an increase from Tanger Factory Outlet Centers’s previous quarterly dividend of $0.33. This represents a $1.37 dividend on an annualized basis and a yield of 5.00%. Tanger Factory Outlet Centers’s dividend payout ratio (DPR) is 44.98%.
In other Tanger Factory Outlet Centers news, EVP Chad Perry sold 8,000 shares of Tanger Factory Outlet Centers stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $27.57, for a total transaction of $220,560.00. Following the sale, the executive vice president now directly owns 78,112 shares of the company’s stock, valued at $2,153,547.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Virginia R. Summerell sold 7,000 shares of Tanger Factory Outlet Centers stock in a transaction that occurred on Tuesday, February 21st. The shares were sold at an average price of $34.19, for a total value of $239,330.00. Following the sale, the vice president now directly owns 31,322 shares in the company, valued at $1,070,899.18. The disclosure for this sale can be found here. Over the last three months, insiders have sold 78,984 shares of company stock worth $2,444,138. 2.10% of the stock is owned by company insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Commonwealth Equity Services Inc increased its stake in Tanger Factory Outlet Centers by 6.3% in the third quarter. Commonwealth Equity Services Inc now owns 25,820 shares of the real estate investment trust’s stock worth $1,006,000 after buying an additional 1,533 shares during the last quarter. Texas Permanent School Fund increased its stake in Tanger Factory Outlet Centers by 0.7% in the third quarter. Texas Permanent School Fund now owns 73,173 shares of the real estate investment trust’s stock worth $2,851,000 after buying an additional 503 shares during the last quarter. Chicago Equity Partners LLC bought a new stake in Tanger Factory Outlet Centers during the third quarter worth $1,912,000. First Citizens Bank & Trust Co. increased its stake in Tanger Factory Outlet Centers by 1.3% in the third quarter. First Citizens Bank & Trust Co. now owns 11,831 shares of the real estate investment trust’s stock worth $461,000 after buying an additional 155 shares during the last quarter. Finally, Kissinger Financial Services LLC bought a new stake in Tanger Factory Outlet Centers during the third quarter worth $762,000. 94.39% of the stock is currently owned by institutional investors.
About Tanger Factory Outlet Centers
Tanger Factory Outlet Centers, Inc is an owner and operator of outlet centers in the United States and Canada. The Company is a fully-integrated, self-administered and self-managed real estate investment trust (REIT), which focuses on developing, acquiring, owning, operating and managing outlet shopping centers.
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